The South African Customer Satisfaction Index (SACSI) showed that Old Mutual Insure stands out in delivering consistent customer experience- whether dealing with a broker or directly with the insurer.
Conducted annually, the SACSI rates the opinion of customers on the quality of products and services available to household consumers across South Africa.
I spoke to Christelle Colman, Insurance Expert at Old Mutual Insure about the achievement.
1. This is a rating of quality of products and services by consumers? How do consumers practically determine that?
Questions posed to customers based on a causal model that links customer expectations, perceived quality, and perceived value to customer satisfaction (the SA-csi score), which in turn is linked to customer complaints (and recovery), and customer loyalty intentions (NPS). The analysis is based on customer evaluation of detailed aspects related to the product or service under evaluation and provides a view of our own performance for each respective aspect relative to the best performing competitor. Furthermore, a regression analysis is conducted to determine the relative importance of each aspect, allowing insurers to focus on the most critical aspects first.
2. How do you ensure you rate well on all four these drivers?
- Do what you promise to do
The strongest predictors of satisfaction in this industry is the degree to which customers feel that their cover provides peace of mind and their insurer keeping to promises made. It is very important that customers understand exactly what they are covered for during the sales or review process – as this is where their expectations are born. The best way to achieve this is to drive simplicity in communication – jargon does not contribute to a high-quality experience.
- Give me what I need
Customers want a provider they feel listens and responds to their individual needs. Offering a customised solution, at rates that take your personal situation into consideration will go a long way towards creating a loyal customer base. Customers have options in this industry, and they will move to those providers they feel has their best interest at heart.
- Make it easy
Simplicity is key. When customers have a clear understanding of what they are signing up for, there is much less of a chance that they will be disappointed when it comes to claiming. Products need to be easy to understand and should not cause unnecessary effort to deal with. Providing customers with intuitive self-help options not only gives them a sense of urgency and control, but also takes pressure off the system, allowing well trained staff to deal with only the most crucial types of interactions.
3. How can brokers draw this customer experience rating through to benefit them as well?
Driving customer value for money is a very strong predictor of future usage and company growth and therefore working together with insurers to jointly drive customer experience is essential to both the brokers and insurers
Overly demanding effort levels have a big impact on perceptions of value, with customers being at risk of moving their cover when it becomes too onerous and the price and perceived value are in conflict.
- It all boils down to trust and this is a significant factor when you consider that the nature of insurance is to protect your most valuable assets in your time of need, returning your financial stability after a mishap. It is very important that customers understand exactly what they are covered for during the sales and annual review process as this is where their expectations are born and this is where insurers rely on the brokers to correctly consult their customers.
The best way to achieve this is to drive simplicity in communication, remove jargon and provide sound advice. Customers want a provider that listens to them and responds to their individual needs. Insurers & brokers will go a long way to offer solutions that take into consideration individual client risks ratings where they are treated like individuals rather than policy numbers.
The SACSI survey is especially important to Old Mutual Insure as it records and benchmarks the views of the people who use Old Mutual Insure’s products and experience its service every day across South Africa.
Appearing amongst the leaders in key categories of this critical customer satisfaction measure is testament, to our efforts to leverage technology to manage risk more effectively in the digital age without losing our ability to advise or the power of deep personal relationships.